DUBLIN--(BUSINESS WIRE)--The "Essential Oils Market By Product Type, Application (Food & beverages, Cosmetics & Toiletries, Aromatherapy, Home Care, and Health Care), Source (Fruits & Vegetables, Herbs & Spices, Flowers), Method of Extraction and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global essential oils market size is estimated to be valued at USD 8.8 billion in 2022 and is projected to reach USD 15.3 billion by 2027, recording a CAGR of 11.8% in terms of value.
By application, the aromatherapy is projected to grow rapidly during the forecast period
The rising popularity of aromatherapy and other alternative medicine is increasing in demand, as are the relaxing effects of essential oils when applied through a massage. The health industry has begun to incorporate essential oils in aromatherapy applications to treat Alzheimer's, bronchitis, and various cardiovascular problems.
Changing lifestyles and their consequences, such as high stress and depression, along with increasing disposable incomes, results in an increase in demand for aromatherapy. Ginger oil, pine oil, oregano oil, and wintergreen oil are some of the essential oils used on a large scale in alternative therapies.
The National Association for Holistic Aromatherapy (NAHA), the Alliance of International Aroma Therapists, and The Canadian Federation of Aroma Therapists have established standards for aromatherapy certification in the US and Canada. This would allow the essential oil industry to use different oils for various aromatherapy products, globally.
By type, the orange essential oil is widely used in all the domains due to the presence of the high amount of vitamin C and appealing fragrance
Oranges are full of vitamin C and offer several health advantages. The rind of the sweet orange, Citrus sinensis, is used to make orange essential oil. Cold pressing, a technique used to extract the oils from the rind, is used to accomplish this. Brazil is the leading orange producer in the world producing about 30% of the world's output.
Orange oil, which is energetic, is one of the most widely used options in aromatherapy. The oil can decrease various kinds of pain such as inflammation, muscle spasms, tissue damage, pain from bone fractures, headache, etc.
The Asia Pacific market is being driven by an increase in demand for domestic products brought on by an expanding middle class
The Asia Pacific region is mostly segmented into India, China, Japan, New Zealand, Australia, and Rest of Asia pacific. The improving standard of living and high per capita income in the region, along with higher expenditure, are driving up the demand for essential oils, which has been significantly influenced by the growth of the wellness and leisure sectors.
The demand for citrus-based essential oils like orange and lemon has also attracted a lot of consumer interest in some of nations. The product is becoming more widely used in the personal care and household products sectors, and the usage of citrus essential oil in tastes, odorants, and pharmaceutical substances has lately increased.
With emerging economies, growing industrialization, increasing demand for processed foods, and consumer preference for quality products, ingredient suppliers are becoming increasingly optimistic about the growth of the food & beverage industry.
Market Dynamics
Drivers
- Increase in Demand for Aromatherapy
- Increasing Demand for Natural Ingredients and Clean Label Products
- Increased Use of Essential Oils in Homecare Products
- Use of Essential Oils as an Additive in Feed
- Demand for Essential Oils in Cosmetic & Fragrance Industry
Restraints
- Depletion of Natural Resources
- Side Effects Associated with Specific Essential Oils
Opportunities
- Powdered Essential Oil to Create New Opportunities
Challenges
- Prevalence of Synthetic/Adulterated Products
Companies Mentioned
- Alchemy Chemicals
- Biolandes
- Cargill, Incorporated
- Cv Rasayana Wangi
- Dsm
- Doterra
- Essential Oils of New Zealand Ltd.
- Falcon
- Farotti S.R.L.
- Givaudan
- Hcp Wellness
- India Essential Oils
- International Flavors & Fragrances Inc. (Iff)
- Lebermuth, Inc.
- Mane
- Norex Flavours Private Limited
- Now Foods
- Robertet, Sa
- Sensient Technologies Corporation
- Symrise
- Synthite Industries Ltd.
- Veda Oils
- Vidya Herbs
- Vital Herbs
- Young Living Essential Oils, Lc.
For more information about this report visit https://www.researchandmarkets.com/r/yx0hoc
